multifamily

Willy Walker, chairman and chief executive of Bethesda-based Walker & Dunlop, sees signs of a market recovery.

Higher interest rates and construction costs are making development more expensive, according to Coraly Rodriguez, partner.

The firm has consistently been seeing $1bn-$2bn of new loans coming through every month. 

The New York-based multifamily-focused manager will expand its lending via partnerships with other lenders and government-sponsored entities.

The funding will be used to recapitalize luxury 3ELEVEN tower south of Manhattan’s Hudson Yards.

The need for income means real estate private credit is becoming an indispensable allocation for investors.

The metrics of underwriting an apartment property have changed substantially since the start of the covid-19 pandemic.

When there is a dearth of capital for a sector, that could signal a time to look at the asset class more closely, said Peter Gordon, head of US commercial real estate debt.

The financing, which comprises a construction loan and C-PACE financing, will be used to develop the second phase of a mixed-use project in Darien, Connecticut. 

A factor to consider when looking at the US multifamily market is an eventual decline in interest rates.